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ENGLEWOOD CLIFFS, N.J., Jan. 21, 2021 /PRNewswire/ Kennedy Funding announced today that it has closed a $1.815 million loan to Bloomfield Technology Park, LLC. Proceeds from the loan will be used to pay off the existing first mortgage on 31.32 acres of raw land in Bloomfield Hills, Michigan. Remaining proceeds will be used as working capital to update site approvals.
Located just a few blocks from Select Specialty Hospital and major retail, the property is zoned as a research park district, ideal for business and commercial use. It is currently listed for sale at $4.9 million.
According to Kevin Wolfer, CEO of Kennedy Funding, the Englewood Cliffs, New Jersey-based direct private lender, the borrower experienced roadblocks applying for funding from traditional lenders, despite their extraordinary credit rating, and collateral that would typically be a significant deciding factor for many banks.